HOUSE BILL 981157
BY REPRESENTATIVES Gotlieb, Chavez, Clarke, and Mace;
also SENATORS Wells and Hopper.
CONCERNING THE EFFECT OF EMPLOYMENT AFTER RETIREMENT
ON THE AMOUNT OF RETIREMENT BENEFITS PAYABLE TO PERSONS RECEIVING
RETIREMENT BENEFITS THROUGH A SCHOOL DISTRICT'S RETIREMENT FUND.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. 2264111,
Colorado Revised Statutes, is REPEALED AND REENACTED, WITH AMENDMENTS,
to read:
2264111. Employment after
retirement. (1) IF A RETIREE
RECEIVING ANY PENSION OR RETIREMENT BENEFIT PAYMENTS UNDER THE
PROVISIONS OF SECTIONS 2264101 TO 2264104
OR SECTIONS 2264105 TO 2264110 IS REEMPLOYED
AFTER RETIREMENT BY THE SCHOOL DISTRICT PAYING THE PENSION OR
RETIREMENT BENEFIT PAYMENTS, THE RETIREE MAY RECEIVE A SALARY
OR OTHER COMPENSATION WITHOUT REDUCTION IN THE PENSION OR RETIREMENT
BENEFIT PAYMENTS IF:
(a) EMPLOYMENT FOR FULL DAYS AND HALF
DAYS DOES NOT EXCEED ONE HUNDRED TEN FULL DAYS IN THE CALENDAR
YEAR;
(b) HOURLY EMPLOYMENT DOES NOT EXCEED
SEVEN HUNDRED TWENTY HOURS IN THE CALENDAR YEAR; AND
(c) EMPLOYMENT CONSISTING OF A COMBINATION
OF FULL DAY, HALF DAY, AND HOURLY EMPLOYMENT DOES NOT EXCEED ONE
HUNDRED TEN FULL DAYS PER CALENDAR YEAR.
(2) FOR PURPOSES OF THIS SECTION:
(a) A HALF DAY CONSISTS OF FOUR HOURS;
(b) A FULL DAY CONSISTS OF EIGHT HOURS.
(3) IF SAID RETIREE IS EMPLOYED BY SAID
SCHOOL DISTRICT FOR A PERIOD OF TIME THAT EXCEEDS THE LIMITATIONS
SPECIFIED IN SUBSECTION (1) OF THIS SECTION, THE AMOUNT OF PENSION
OR RETIREMENT BENEFIT PAYMENTS DUE THE RETIREE SHALL BE REDUCED
BY AN AMOUNT EQUAL TO THE COMPENSATION ATTRIBUTABLE TO THE PERIOD
THAT EXCEEDS THE LIMITATIONS SPECIFIED IN SUBSECTION (1) OF THIS
SECTION. ANY REDUCTION OF PENSION OR RETIREMENT BENEFIT PAYMENTS
PURSUANT TO THE PROVISIONS OF THIS SUBSECTION (3) THAT EXCEEDS
ONE HUNDRED PERCENT OF THE PENSION OR RETIREMENT BENEFIT PAYMENTS
DUE THE RETIREE SHALL BE CARRIED FORWARD TO REDUCE THE AMOUNT
OF FUTURE PENSION OR RETIREMENT BENEFIT PAYMENTS. THE SCHOOL
DISTRICT PAYING SUCH PENSION OR RETIREMENT BENEFIT PAYMENTS OR
THE PERSON OR ENTITY ADMINISTERING THE RETIREMENT SYSTEM MAKING
SUCH PENSION OR RETIREMENT BENEFIT PAYMENTS MAY TAKE SUCH ACTION
AS MAY BE NECESSARY OR CONVENIENT TO PROCESS AND ENFORCE ANY REDUCTION
REQUIRED PURSUANT TO THE PROVISIONS OF THIS SUBSECTION (3).
SECTION 2. Effective
date applicability. This act shall take
effect July 1, 1998, and shall apply to hours worked by a retired
employee on or after said date.
SECTION 3. Safety
clause. The general assembly hereby finds, determines, and
declares that this act is necessary for the immediate preservation
of the public peace, health, and safety.
____________________________ ____________________________
Charles E. Berry Tom Norton
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Judith M. Rodrigue Patricia k. Dicks
CHIEF CLERK OF THE HOUSE ASSISTANT SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO